Belvedere discovers new mineralised zone at the Hitura Nickel Mine



    Exchange: TSX V Symbol: BEL

    VANCOUVER, July 10 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V
("Belvedere") is pleased to announce further assay results from ongoing
diamond drilling at the company's 100% owned Hitura Nickel Mine, in Central
Finland. The Hitura intrusive complex is 1.3 km long and consists of three
tectonically separated intrusive bodies, Hitura North, Mid and South. All
mining activities to date have been concentrated on the North Hitura
intrusion. This phase of drilling has been focussed on the Mid Hitura
intrusion as part of an extensive exploration program to develop new areas for
mining in Mid and South Hitura.

    
    Drilling Highlights - New Area (E Zone)

    -   R 1964      61.49m @ 0.59% Ni, 0.17% Cu
    -   R 1969      19.32m @ 0.69% Ni, 0.19% Cu
    

    David Pym (CEO) comments "This new discovery in Mid Hitura underlines our
belief in the development potential at Hitura. The new zone may indicate the
continuity of mineralisation from North Hitura into Mid-Hitura of the very
thick eastern ore zone which constitutes a large portion of the current
reserve base of the mine. "

    
    -------------------------------------------------------------------------
                                                                 Est.
                                                                 True  Miner-
                            From    To                         thick-  alised
    Hole       Profile       (m)    (m)   Intersect  Ni%   Cu%   ness   zone
    R-1961  x equals 3450  221.67  229.03    7.36   0.57  0.62   7.27     E
    R-1962  x equals 3450  No significant intersection
    R-1963  x equals 3425   38.32   40.04    1.72   0.95  0.20   1.57     W
                            54.03   59.66    5.63   0.52  0.11   5.12     W
    R-1964  x equals 3425   32.73   59.40   26.67   0.56  0.17  26.44     W
         and               187.04  248.53   61.49   0.59  0.17  60.96     E
    R-1965  x equals 3400   70.31   78.60    8.29   0.56  0.19   8.26     W
         and                95.60  101.00    5.40   0.69  0.23   5.38     W
         and               104.07  112.00    7.93   0.49  0.19   7.91     W
         and               116.50  133.53   17.03   0.50  0.14  16.98     W
         and               227.07  262.00   49.78   0.45  0.17  49.63     E
    R-1966  x equals 3400  104.57  105.65    1.08   0.49  0.11   0.88     W
    R-1967  x equals 3400  No significant intersection
    R-1968  x equals 3350  No significant intersection
    R-1969  x equals 3350  329.98  349.30   19.32   0.69  0.19  12.93     E
    R-1970  x equals 3300   35.96   49.73   13.77   0.70  0.25  12.48     W
    R-1971  x equals 3300  No significant intersection
    -------------------------------------------------------------------------

       Table 1: Assay results from exploration drilling at Mid Hitura
    

    The drilling to date consists of fans drilled in profiles from an
exploration drift on the 335m level. The drilling reported here (Table 1) is
directed eastwards into Middle Hitura. The drilling has intersected two zones
of mineralisation close to the western and eastern margins of the intrusion
respectively. The western mineralised zone was previously known, but has now
been better constrained. The eastern mineralised zone however, represents a
new discovery and has so far been intersected in four profiles over a strike
length of 100 metres at depths varying between 300 and 570 m below surface.
Mineralisation remains open up to at least the 250 m level, downwards and
along strike.
    In addition, exploration drilling continues to be conducted on the depth
extents of the North Hitura ore zones, and will be reported on in due course.

    The drilling was undertaken by Nivalan Timanttikairaus Oy of Finland,
providing 30 mm diameter core. A company geologist logs the core, and marks
the sample intervals based on sulphide mineralisation and lithology. Sample
lengths are typically between 0.20 metres and 6 metres in length. Core samples
are split in half on site, with half being crushed in a cone crusher. A 500g
sub sample is milled using a ring mill. 200mg of the milled sample is
dissolved in HNO(3) and assayed for Ni and Cu by AAS at the Hitura Mine
Laboratory, as has been the practice for many years. Approximately 5% of
samples are sent to Labtium Oy of Finland (Accredited Laboratory) for check
assays, and are subject to the typical Labtium Oy QA/QC procedures. The
remaining half core and crushed sample is retained on site for verification
and reference purposes.

    About Belvedere:

    Belvedere Resources Ltd. is a publicly-listed resource company engaged in
the business of nickel production and exploring, discovering and developing
mineral wealth in Finland. Belvedere currently produces 2,400 tonnes annually
of payable nickel metal in concentrate from its 100% owned Hitura Nickel Mine
in Western Finland.

    Forward Looking Statement:

    Some of the statements contained herein may be forward-looking statement,
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralisation and resources, exploration
results, and future plans and objectives of the Company are forward looking
statements that involve various degrees of risk. It is important to note that
the Company's actual results could differ materially from those in such
forward-looking statements.
    This statement is prepared by Dr. Toby Strauss, who is acting as
Qualified Person in compliance with National Instrument 43-101 with respect to
this release.

    BELVEDERE RE

SOURCES LTD. David Pym, CEO Suite No. 404, Vancouver World Trade Centre 999 Canada Place, Vancouver. BC. V6C 3E2, Canada The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

For further information:

For further information: David Pym (CEO) or Toby Strauss (COO) at (604)
844-2838 or visit www.belvedere-resources.com

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BELVEDERE RESOURCES LTD.

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